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The Government of Canada’s 2023 Budget Advances Canada’s Geothermal Opportunity

On March 28, 2023, Chrystia Freeland, the Deputy Prime Minister and Finance Minister, tabled Budget 2023, A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, and Healthy Future. Promoting the commercialization and viability of emerging clean technologies to enhance greenhouse gas reduction, job creation, and economic diversification remains a national priority. Various policy mechanisms, some of which are mentioned below, aim to advance this goal, including: Tax rate reductions for zero-emission technology manufacturers; Tax credits for clean electricity production; Investment tax credits for clean technology manufacturing; and Additional funding for the Strategic Innovation Fund.

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